Investment Rating - The industry rating is "Outperform the Market" [4][60]. Core Viewpoints - The report emphasizes the importance of focusing on military trade and export supply chains, with a strong outlook for the military industry from Q4 2025 to 2026 due to improving fundamentals and emerging themes such as nuclear fusion [2][39]. - The military industry index (801740) increased by 2.51% during the week of September 22-30, underperforming the Shanghai and Shenzhen 300 index, which rose by 3.08% [2][9]. - The report highlights a significant rebound in the military sector, particularly following the recent military parade, and anticipates a new cycle of prosperity in the military industry [2][39]. Summary by Sections Weekly Market Review - The military industry index rose by 2.51% during the week, ranking 6th among 31 first-level industries [14][9]. - Since the beginning of 2025, the military index has increased by 18.75%, outperforming the Shanghai and Shenzhen 300 index by 0.82% [16][9]. - The aviation sector performed particularly well, driven by the Changchun Aviation Exhibition [20][9]. Fund and Valuation Analysis - As of September 30, the military index's TTM price-to-earnings ratio is 77.86, placing it in the 99.22 percentile, indicating high allocation significance [3][39]. - Passive fund inflows into military ETFs increased, with a net inflow of 986 million yuan during the week, suggesting a positive trend in funding for the military sector [27][39]. Key Investment Opportunities - The report suggests focusing on various segments within the military industry, including: 1. Land Equipment: Tianqin Equipment, Gaode Infrared, Ligong Navigation, etc. 2. Stealth Materials: Jiach Technology, Huaqin Technology. 3. Deep Sea: Western Materials, China Marine Defense. 4. Engines: Hangyu Technology, Hangya Technology, Tunan Co., Ltd. 5. Drones & Anti-Drones: Zongheng Co., Ltd., Aerospace Rainbow, etc. 6. AI Intelligence: Xingtuxinke, Aerospace Electronics. 7. Aircraft: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft. 8. Nuclear Fusion: Hezhuan Intelligent, Yongding Co., Ltd., etc. [40][43].

Market Overview - The A-share market experienced a strong opening on the first trading day after the National Day and Mid-Autumn Festival holidays, with all three major indices rising. The Shanghai Composite Index increased by 0.65%, surpassing 3900 points, marking a new 10-year high [1][2] - The Shenzhen Component Index and the ChiNext Index both rose over 1% [1] Sector Performance - The opening saw a collective surge in the non-ferrous metals and gold sectors, with notable stocks such as Shandong Gold and Sichuan Gold reaching new highs. The gold stock ETFs also saw significant gains, with one ETF rising by 7.43% and another by 9.64% [7][8] - Other sectors such as media and entertainment, transportation services, and tourism experienced pullbacks [2] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 612 billion yuan, maintaining the operation rate at 1.40% [3] Hong Kong Market - The Hong Kong market opened high but saw a decline, with the Hang Seng Index and Hang Seng Tech Index both experiencing a drop of over 1%. The innovative drug sector faced significant pullbacks, with several companies dropping more than 5% [5] Gold Market Insights - The spot gold price surpassed $4000 per ounce, reaching a historical high, while COMEX gold futures rose by 1.42% to $3862.9 per ounce. The gold market is believed to be entering a "third wave" of price increases, driven by various geopolitical and economic factors [9][8] Nuclear Fusion Sector - The controlled nuclear fusion concept saw a strong rally, with several companies experiencing significant stock price increases. Recent advancements in fusion energy projects in China are contributing to positive market sentiment [11] Future Market Outlook - Several brokerages are optimistic about the overall market performance in the fourth quarter, highlighting a focus on technology sectors and specific cyclical stocks. The report suggests that technology growth will continue to be a key driver, with particular attention to AI applications and semiconductor manufacturing [12]

Market Overview - A-shares opened higher on the first trading day after the holiday, with the Shanghai Composite Index breaking through 3900 points, marking a 10-year high, and rising over 28% since the low on April 7, with a year-to-date increase of 16% [1][3] - The trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan for the 55th consecutive trading day, with an expected total trading amount of 2.7 trillion yuan for the day [1] Sector Performance - The semiconductor sector showed strong activity, with companies like Huahong and SMIC hitting historical highs, and several stocks in the sector experiencing significant gains, including a 20% limit up for Zhaoxin [2] - The precious metals and nuclear fusion sectors also performed well, with multiple stocks in these categories seeing substantial increases [1][5] - The battery sector saw notable gains, with companies such as Dingsheng Technology and Zhongyi Technology rising over 10% [4] Individual Stock Highlights - In the photovoltaic equipment sector, stocks like Canadian Solar and High Measurement rose over 10%, with other companies in the sector also following suit [2] - The non-ferrous metals and gold sectors experienced collective gains, with companies like Shandong Gold and CICC Gold reaching new highs [5]

Group 1 - The Shanghai Composite Index broke through 3900 points, reaching a 10-year high, with a current increase of 1.08% to 3924.66 points [1] - The Shenzhen Component Index rose by 1.95% to 13790.82 points, while the ChiNext Index increased by 2.48% to 3318.39 points [1] - The total trading volume of the two markets exceeded 1.4 trillion yuan [1] Group 2 - The Sci-Tech Innovation 50 Index saw an increase of nearly 6%, with significant gains in sectors such as precious metals, nuclear fusion, and semiconductor chips [3] - More than 3000 stocks in the Shanghai, Shenzhen, and Beijing markets experienced price increases [3]

Core Viewpoint - The A-share market showed strong performance on October 9, with significant gains across major indices, indicating positive investor sentiment and market momentum [1] Index Performance - The ChiNext Index surged over 2%, reflecting robust growth in the growth-oriented sector [1] - The Shanghai Composite Index increased by more than 1%, demonstrating overall market strength [1] - The Shenzhen Component Index rose by 1.64%, contributing to the positive trend in the market [1] - The STAR 50 Index experienced a notable increase of nearly 5.5%, highlighting strong interest in technology and innovation sectors [1] Sector Performance - Precious metals, nuclear fusion, and semiconductor chips were among the top-performing sectors, indicating investor confidence in these industries [1] - Nearly 3,000 stocks across the Shanghai, Shenzhen, and Beijing markets saw price increases, showcasing broad market participation and bullish sentiment [1]

截至10时许，报3900.04点，涨0.44%。盘面上，贵金属、核聚变、有色金属等方向涨幅居前，全市上涨 个股超2600家。 今日（10月9日），A股沪指盘中突破3900点，再创年内新高。 另据同花顺消息，上证指数盘中突破3900点，续创10年新高，自4月7日低点已涨超28%，年内累计涨幅 达16%。 据中新经纬、同花顺 ...

Core Insights - The global competition in nuclear fusion energy is accelerating, with significant advancements reported in both China and Germany [1] - Tian Gong International is positioned to capitalize on the growing demand for high-performance nuclear steel, driven by national strategic needs and international collaboration opportunities in nuclear fusion projects [1] Group 1: Domestic Developments - The BEST project in Hefei has achieved a critical breakthrough with the successful development and installation of the key component, the Dewar base, marking a new phase in the construction of the compact fusion energy experimental device [1] - Tian Gong International has established itself as the first company in China to achieve large-scale production of powder metallurgy mold steel, actively collaborating with the Chinese Academy of Sciences on plasma physics research [3] Group 2: Technological Innovations - The adoption of "powder metallurgy + hot isostatic pressing" technology is expected to enhance the performance of fusion reactor materials by avoiding macro segregation and allowing precise control over the distribution of nano and sub-micron strengthening phases [3] - Tian Gong International has successfully developed core technologies for new neutron shielding materials, achieving small batch production of test pieces that meet international standards with high strength, toughness, and elongation [5] Group 3: Future Directions - The company plans to continue advancing the thermal processing and near-net-shape forming technologies for materials, while accelerating the research and application of another category of key structural materials for fusion [7] - The global energy revolution is underway, with Tian Gong International leading the way in the small-batch application of powder metallurgy, contributing significantly to the clean energy goals [7]

Core Viewpoint - The A-share market experienced a significant surge on October 9, with the Shanghai Composite Index breaking through the 3900-point mark, reaching a 10-year high [1]. Market Performance - As of the report, the Shanghai Composite Index stood at 3908.53 points, reflecting a 0.66% increase [1]. - Both the Shenzhen Component Index and the ChiNext Index saw gains exceeding 1% [1]. - Over 2900 stocks in the market recorded an increase [1]. Sector Performance - Key sectors that led the gains included precious metals, nuclear fusion, and non-ferrous metals [1].

Market Overview - A-shares opened higher on the first trading day after the holiday, with the Shanghai Composite Index up 0.37%, the Shenzhen Component Index up 0.73%, and the ChiNext Index up 0.75% [2][3] - The gold futures main contract surged over 5%, reaching a new historical high of 917.42 yuan per gram [7][8] Sector Performance - The precious metals sector showed strong performance, with gold-related stocks significantly rising, including Sichuan Gold, which hit the daily limit, and other companies like Xiaocheng Technology and Chifeng Gold also experiencing substantial gains [6][7] - Other active sectors included nuclear fusion, basic metals, and gas, while sectors such as catering and tourism, real estate, and cultural media faced declines [4][5] Specific Company News - Hainan Huatie's stock hit the daily limit down after announcing the termination of a 36.9 billion yuan contract for computing power services, citing significant changes in market conditions since the contract was signed [9][10][11] - The company has not received any purchase orders since the signing of the agreement and has issued a termination notice to the contracting party [10]

Group 1 - A-shares opened higher with the Shanghai Composite Index up 0.40%, Shenzhen Component Index up 0.53%, and ChiNext Index up 0.40% after the National Day holiday [1] - Sectors such as precious metals, nuclear fusion, and non-ferrous metals saw significant gains [1] Group 2 - Huatai Securities highlighted three key changes post-holiday: a marginal recovery in September PMI, record high travel data during the holiday, and improved performance in dining, cinema, and real estate sectors [2] - The report also noted increased risk aversion due to the U.S. government shutdown and Japanese elections, alongside a rise in gold prices [2] - OpenAI's release of Sora 2 and partnerships with various companies indicate a speeding up of AI investment and application [2] Group 3 - Guojin Securities warned against over-reliance on the weak dollar narrative, suggesting that a shift may be needed for the ongoing bull market [3] - The firm emphasized that the Chinese bull market often relies on the "China story" rather than external factors [3] Group 4 - Guosheng Securities projected that overall liquidity will remain loose, with seasonal price drops expected in the first week post-holiday [4] - The report indicated that the weighted average interest rate for 7-day pledged repos is likely to stay around 1.4%-1.5% [4]